Cranes Move, Construction Begins at Buckhead Atlanta
- Aug 13, 2012
Lifeless cranes will no longer stand watch over the luxury mixed-use development formerly known as Streets of Buckhead; developer OliverMcMillan, who took over the project in May 2011, has reportedly restarted work on the 1.5-million-square-foot mixed-use project now entitled Buckhead Atlanta.
The Atlanta Business Chronicle reports that the San Diego-based developer has recently started clearing construction debris on a land parcel located between Buckhead Avenue and East Paces Ferry Road; the parcel is meant to house approximately 85,000 square feet of stores and restaurants, including French luxury retailer Hermes, as well as two 12-story apartment towers, 15,000 square feet of office space, and a large parking deck. According to the publication, this is meant to form the core of the Buckhead Atlanta project, with a completion date set for the fourth quarter of 2013.
OliverMcMillan acquired the project in May 2011, backed by up to $300 million from the Boston hedge fund. Prior to this, previous developer Ben Carter had already invested nearly $400 million in the development. Carter started the project in 2006, spending nearly $170 million on assembling land parcels in Buckhead Village; by early 2009, when the economy tanked and the luxury real estate market collapsed, he encountered difficulties in finding the $200 million financing he needed to finish the six-block luxury community he had envisioned.
On Buckhead Atlanta’s official Facebook page, construction start was celebrated heavily and included a statement from Atlanta Mayor Kasim Reed: “For years, we have anticipated the start of construction on the transformative Buckhead Atlanta, which, when completed, will be a sign of Atlanta’s resilience and innovation. A rejuvenated Buckhead will not only attract the nation’s top developers and retailers but thousands of new consumers and residents. I congratulate OliverMcMillan and everyone involved and wish them well on this project.”
Located on eight acres across six city blocks, Buckhead Atlanta is designed as a completely walkable community that will connect two main arteries of Atlanta at Peachtree and West Paces where local residents and bustling life collide. Developer OliverMcMillan has referred to it several times as “the Rodeo Drive of the South.”
Images courtesy of Buckhead Atlanta official Facebook page